Press Release: Steamboat Springs City Council Approves YVHA’s Mid Valley Housing Project
STEAMBOAT SPRINGS, CO – City Council voted to approve the Yampa valley Housing Authority’s Mid Valley housing project. The housing project will consist of 234 total units, 84 of which will be condominiums for sale. The other 150 units will be apartments for rent. All units will be deed-restricted and will target members of the local Routt County workforce or retired from local employment.
“We thank the City Council for approving this important housing project that targets what we call the “missing middle” income earners,” said Jason Peasley, executive director of YVHA. “We understand the housing crisis, with waiting lists at all our properties. With the $4 million grant we received from the Department of Local Affairs, along with the generous contribution from an anonymous donor to buy the land, this approval from the City is the last step we need to break ground and create for sale and for rent homes for the Steamboat Springs workforce.”
YVHA is partnering with Lone Tree Trust, LLC as the developer for this project. Mid valley will include 150 rental apartments and 84 for-sale condominiums. All units will be deed-restricted and will target members of the local Routt County workforce or retired from local employment. This project will be a compact, walkable, and efficient use of infill land near transit and services. Two of the four buildings will contain condominium units, with a mix of 1-, 2-, and 3- bedroom units, and covered, ground floor podium parking. The project will include two neighborhood parks, open space, and trails connecting to the Yampa River Core Trail. Site work is planned for fall 2023, and vertical construction should begin in spring 2024.
Mid Valley rental and for sale homes are attainable for households earning 80%-140% of Area Median Income are eligible. This translates to $60,720 -$106,260 for a single person according to the 2023 federal Department of Housing and Urban Development standards and $78,000 – $136,500 for a three-person household income. This “missing middle” category has been the hardest hit by the drastic appreciation in rental rates and sale prices in Routt County, and this housing product is the most difficult to finance. The project will increase new for-sale housing stock, for which there is significant demand among the local workforce. The units will be priced well below current market rates in Steamboat Springs and geared toward first-time home buyers.
###
